The Chancellor faces three major choices on what was supposed to be an uneventful Spring Statement later this month.
Rishi Sunak will have to contend with borrowing more to offset soaring inflation and the cost of living crisis made worse by the ongoing Russian invasion of in Ukraine.
IFS director Paul Johnson said that he will have to decide whether to borrow billions more or allow households to face what could be the biggest hit since the 1970s.
